* Press release…
Governor Pritzker announced today that the state has earned $52 million in revenue during the first six months of Illinois’ new adult-use cannabis industry. Last year, the Governor signed the bipartisan Illinois Cannabis Regulation and Tax Act (CRTA) into law, the most equity-centric recreational cannabis legalization in the nation. Since the program’s launch on January 1, $52 million has been collected in adult-use cannabis tax revenue, with $34.7 million coming from excise taxes.
“Illinois has done more to put justice and equity at the forefront of this industry than any other state in the nation, and we’re ensuring that communities that have been hurt by the war on drugs have the opportunity to participate,” said Governor JB Pritzker. “Since January, over $239 million has been spent on recreational cannabis in Illinois translating to $52 million in tax revenue, and a portion of every dollar spent will be reinvested in communities that have suffered from decades of disinvestment.”
The Pritzker administration collected $34.7 million in cannabis excise taxes in the second half of fiscal year 2020. In addition to the cannabis excise taxes, the Illinois Department of Revenue collected $18 million in sales taxes that will be shared with local governments. In total, the department estimates $25.9 million will be directed to the state’s General Fund from excise and sales taxes.
* Go get that cheesehead money…
Illinois’ largest recreational marijuana dispensary opened Monday about 1,000 feet south of the border with Wisconsin, where marijuana use is prohibited, and 5,000 feet from a proposed casino.
The city’s mayor says the sales tax revenue from the store and the development prospects surrounding it are huge.
“This store is going to lead to further development,” Mayor Ted Rehl said at a news conference. The 7,208-square-foot Sunnyside South Beloit dispensary at 7000 First Ranger Drive is visible from highly traveled Interstate 90.
“At a dozen different levels, this is a gift to South Beloit,” Rehl said.
Hopefully, they’ll stop in at other Illinois stores while they’re in South Beloit and stock up on Doritos.
* Tax revenues in action…
Jacksonville, Ill., city leaders could take the next step tonight toward establishing a citywide fiber optic network. […]
If the council agrees on the deal, video gaming receipts and revenue from a cannabis tax have been discussed as sources of funding.
* More on that topic…
Rockford Mayor Tom McNamara has joined the state’s Restore, Reinvest and Renew program.
Overseen by Lt. Gov. Juliana Stratton, the program determines how to reinvest 25% of tax revenue from legal marijuana sales and redistribute it to communities “hardest hit” by the United States’ 40 year “War on Drugs” campaign.
* Maybe next year we can get some celebs into the state…
Cannabis, illegal just last year in Illinois, will now have its own competition to see what’s best in the state.
The High Times Cannabis Cup is coming to Illinois for the first time. Rather than the traditional celebrity/industry insider judging, it will be judged by the public.
The Cannabis Cup rates brands of marijuana on criteria such as looks, smell, taste and, of course, the high. Cannabis connoisseurs like Snoop Dogg, Tommy Chong, Patti Smith, Wiz Khalifa, Kid Cudi and Method Man have taken hits and passed judgment in past competitions.
Winning has launched brands such as DNA Genetics, which has become one of the leading providers of seeds in the cannabis industry.
* And wealthy NIMBYs strike again…
A group of Gold Coast residents is opposing plans for a marijuana store near their neighborhood, saying the dispensary would be too close to a park and a nearby school, and would add to congestion in the area.
Chicago-based PharmaCann wants to open the marijuana store, called Verilife, at 12-14 W. Maple St., less than a block away from Mariano Park.
“Nobody’s against having a pot dispensary,” said Matthew Newberger, president of the Mariano Park Advisory Board. “It’s just that we think it’s an inappropriate place to put one.”